Shell Nigeria declared "force majeure" Friday on exports of Bonny Light Crude oil, blaming increasing oil thefts that analysts say likely will lead companies to sell off more investments in Nigeria's declining onshore oil industry.See also:
The announcement of "superior force" was effective from noon Thursday, after Shell reported three new leaks on the Trans-Niger Pipeline that it has been forced to close at least five times in three months....MORE
...Experts estimate Nigeria loses about 200,000 barrels a day to theft with most stolen by international criminal gangs that sell it on world markets. They say some Nigerian politicians and military leaders benefit from the massive thefts in a country suffering endemic corruption....
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